Rio Tinto Ltd
(ASX:RIO) has announced plans to inject over $US1 billion into its existing operations in Australia and Canada.
The global miner says it has approved a $US933 million investment to extend the life of the Marandoo iron ore mine in the Pilbara region, by 16 years to 2030.
Rio has also given the go-ahead for an additional $US277 million investment to expand Iron Ore Company of Canada’s concentrate production capacity by 40 per cent to 26 million tonnes per year. Rio will tomorrow release its annual report and is widely expected to post a jump in earnings, underpinned by strong prices and demand for iron ore, coal and copper.
In the six months to 30 June 2010, Rio Tinto reported a net profit of $7.4 billion
